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2022-07-31-accounts

Registered Company Number : 510482 (England and Wales) Registered Charity Number : 219947

Report of the Trustees and Unaudited Financial Statements for the year ended 31[st] July 2022 for

TAVISTOCK REPERTORY GUARANTORS LTD

1

TAVISTOCK REPERTORY GUARANTORS LTD.

Contents of the Financial Statements for the Year ended 31st July 2022

Pages
Report of the Trustees 3 to 6
Report of the Independent Examiner 7
Statement of Financial Activities 8
Balance sheet 9 - 10
Notes to the Financial Statements 11 to 18

2

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2022.

Tavistock Repertory Guarantors Limited was incorporated as a company limited by guarantee on 11[th] August 1952.

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The charity's objects are specifically restricted to the following:

(1) To promote, maintain, improve, disseminate and advance education of the public, particularly in the production of educational plays, and other stage presentations and the encouragement of the dramatic arts and other arts, including the arts of drama, mime, dance, singing and music;

(2) To give opportunity for persons interested in the fields of dramatic and musical theatre to participate, whether on or off stage, in theatrical productions of high quality; and to formulate prepare and establish schemes for the aforesaid objects provided that all objects of the Company shall be of a charitable nature.

In shaping our objectives for the year and planning our activities, the directors have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging.

Activities Undertaken to Further the Charity's Purposes for the Public Benefit

The main activities undertaken are as follows:

Community Theatre

This activity includes the producing and receiving of theatre shows in our 120 seat theatre and our 50 seat studio.

Skills Development

We provide opportunities for all to gain skills in producing theatre shows including: direction, stage management, set design, costume design, lighting and sound. We have a youth work-experience scheme.

Venue Operation

We provide a cultural centre for the local community as well as rehearsal and performance spaces for a wide variety of professional and community uses.

3

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2022

Achievement and Performance

The principal activity of the company is organising and presenting theatrical performances under the trading name of the Tower Theatre Company. The activities of the company have been funded by surpluses on theatrical performances, membership fees, hire of facilities and donations made by supporters.

The activities of the company were significantly disrupted having ceased many activities due to Coronavirus from mid-March 2020 until re-opening for live performances in June 2021. In 2021 / 2022 we have produced a full calendar of productions. Audiences at the beginning of the year appeared slightly reluctant to return to face-to-face performances, but the number of attendees grew throughout the year.

Facilities hire continued throughout the year and we welcomed several visiting productions.

All the activities of the company are carried on by volunteers (note 6), except for one member of staff who acts as the company’s administrator.

The majority of the company’s funds are held in low-risk portfolio of shares, bonds and cash managed by Rathbone Investment Management Ltd.

The directors consider the results achieved and the state of affairs during the year which is the subject of this report to be satisfactory.

FINANCIAL REVIEW

The results for the year are shown in the statement of financial activities reported on page 9.

Net movement in unrestricted funds after realised gains/losses on investments amount to net expenditure £50,834 (2021: net expenditure £67,898).

Realised and unrealised losses on investments are £4,005 (2021: gains £12,301).

There are tangible fixed assets valued at £2,559,585 (2021: £2,633,680).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document - its Articles of Association - and is a company limited by guarantee, as defined by the Companies Act 2006.

The Articles of Association were updated and revised in 2015 with further minor revisions in 2019, both to comply with the Cha rity Commissioners’ guidelines and to reflect certain changes in the operation and management of the Company.

4

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2022

Related Parties

Payments were made to the directors (or persons connected to them) only by way of reimbursement of expenses incurred on behalf of the company, other than a payment (agreed by the Board) to one director (Nicholas Insley) who received remuneration of £757.50 in the year for administrative services pending appointment of a new administrator and payment of £330 to Isaac Insley, the son of a director, for bar maintenance and other services.

Risk Management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The extended period of closure due to Covid regulations created unprecedented uncertainty making business planning and forecasting difficult. However, with the gradual re-opening of economy and the relaxing of Covid restrictions, the trustees believe the business, with its limited fixed costs due to its largely volunteer workforce, is strong.

The board of directors manages risk through:

Reserves Policy

The company aims to maintain liquid reserves in bank deposits and investments of at least £150,000.

Legal Status of Charity

The company is limited by guarantee and does not have a share capital. At the year-end there were 397 members of the company, each of whom has undertaken to contribute up to £1 in the event of the liquidation of the company.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

0510482 (England & Wales)

Registered Charity number

219947

Registered office

16 Northwold Road London N16 7HR

5

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2022

Directors and Trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year-end were as follows:

Ms H. Cashmore (Chairman) – Resigned 1[st] October 2021 Mr M. Mulgrew (Chairman from 1[st] October 2021) Ms N. Stanhope – Secretary and Director – Resigned 1[st] October 2022 Ms O. Belo – Appointed 1[st] October 2021 Mr S. Brasher – Resigned 1[st] October 2022 Ms S. Burbidge – Appointed 1[st] October 2022 Ms M. Chalk – Appointed 15[th] October 2021 Mr D. Holyoake – Resigned 1[st] October 2021 Mr N. Insley Mr S. Ley – Appointed 1[st] October 2021 Ms J. Nevin – Appointed 1[st] October 2021 Ms A. Ormond Mr R. Pedersen – Appointed 1[st] October 2021 Mr L. Tuerk

Independent Examiner

Nick Paladina, FCA Creative Tax Reliefs F14A Bolton Arena Horwich Bolton, BL6 6LB

EVENTS SINCE THE BALANCE SHEET DATE

There have been no events since the balance sheet date that materially affect this position.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 14[th] December 2022 and signed on its behalf by:

Mr Nicholas Insley – Trustee Date: 14/12/2022

6

Independent Examiner’s Report to the Trustees of Tavistock Repertory Guarantors Ltd.

I report to the charity trustees on my examination of the accounts of the Company set out on pages 8 to 18 for the year ended 31[st] July 2022.

Responsibilities and basis of report

As the charity’s trustees of the C ompany (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In c arrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Nicholas Paladina FCA

Date: 18 December 2022

Creative Tax Reliefs F14A Bolton Arena Horwich Bolton BL6 6LB

7

TAVISTOCK REPERTORY GUARANTORS LTD

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31[st] July 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment Income
5
Total
EXPENDITURE ON
Charitable activities
7
Other
8
Total
Net gains/(losses) on investments
NET INCOME / (EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Fund
Restricted
Fund
Endowment
Fund
Total Funds
2022
£
£
£
£
6,148
6,148
83,348
83,348
86,548
86,548
2,266
2,266		 Total Funds
2021
£

4,113

46,890

43,553
1,895
178,310
0
0
178,310
96,451
185,640
185,640
39,499
39,499
139,970
36,680
225,139
0
0
225,139
176,650
(4,005)
(4,005)		 12,301
(50,834)
0
0
(50,834)
2,891,969
2,891,969		 (67,898)
2,959,867
2,841,135
0
0
2,841,135
2,891,969

CONTINUING OPERATIONS

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

– The notes on pages 11 18 form part of these financial statements

8

TAVISTOCK REPERTORY GUARANTORS LTD

Balance Sheet At 31[st] July 2022

Notes
FIXED ASSETS
Investments
13
Tangible assets
14
CURRENT ASSETS
Debtors and prepayments
15
Cash at bank
CREDITORS
Amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
17
TOTAL FUNDS		 2022
2021
£
£
218,229
171,411
2,559,585
2,633,680
2,777,814
2,805,091
13,732
14,408
69,398
75,520
83,130
89,928
(19,809)
(3,050)
63,321
86,877
2,841,135
2,891,969
2,841,135
2,891,969
2,841,135
2,891,969
2,841,135
2,891,969

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31[st] July 2022.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31[st] July 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

– The notes on pages 11 18 form part of these financial statements

9

TAVISTOCK REPERTORY GUARANTORS LTD

Balance Sheet At 31[st] July 2022

The financial statements were approved by the Board of Trustees on 14/12 /2022 and were signed on its behalf by:

Mr Nicholas Insley – Trustee

The notes on pages 11 – 18 form part of these financial statements

10

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st] January 2015) ’ Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ir eland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Income

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold buildings -2% on cost Fixtures and fittings -10% on cost Machinery and equipment -20% on cost Computer equipment -20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

11

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2 Donations

During the year the company received £6,148 in donations

During the year the company received £6,148 in donations
Gift Aid Donations
Other donations		 2022
2021
4,408
2,378
1,740
1,735
6,148
4,113

3 ACTIVITIES FOR GENERATING FUNDS

Income from theatre productions
21
Theatre Tax Credits
Business Support Grants
Other income		 2022
2021
£
£
75,194
10,150
2,046
5,449
4,214
29,222
1,894
2,069
83,348
46,890

4 OTHER TRADING ACTIVITIES

Membership fees
Bar income
Job retention scheme
Hello Hackney Re-Opening
Grant
Hires and sub-lets		 2022
2021
£
£
12,855
14,963
32,282
3,765
0
7,051
5,000
3,994
36,411
13,780
86,548
43,553

12

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

5 INVESTMENT INCOME

Notes to the Financial Statements
for the Year Ended 31st July 2022
INVESTMENT INCOME
Deposit account interest
Dividend income		 2022
2021
£
£
1
13
2,265
1,882
2,266
1,895

The company's cash reserves are invested in short-term bank deposit accounts

6 VOLUNTEER TIME

Apart from one administrator, the company is managed entirely by volunteers. This year, the value of time given by volunteers to manage the company is estimated at £40,000.

7 COSTS OF CHARITABLE ACTIVITIES

COSTS OF CHARITABLE ACTIVITIES
Direct costs of theatre productions
Staff costs
Insurance
Printing and communications
Rent
Rates
Light, heat and water
Brokerage charges
Depreciation
Bank and card charges
Household
Fundraising and other expenses		 2022
2021
£
£
28,133
1,961
28,205
19,798
3,573
3,059
3,542
3,295
17,955
14,914
2,970
1,520
7,425
2,403
1,442
1,394
79,837
79,153
2,902
901
8,776
10,346
880
1,226
185,640
139,970

8 OTHER EXPENDITURE

Charitable Donations
Legal and professional fees
Irrecoverable VAT
Repairs and maintenance
Facilities management and marketing
Bar stock and management
Independent Examiner's fee
12
Loss on currency exchange		 2022
2021
£
£
120
0
4,190
8,440
4,117
10,236
5,124
4,761
7,068
6,442
18,030
3,388
850
1,300
0
2,113
39,499
36,680

13

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

9 NET INCOME/(EXPENDITURE)

Net resources are stated after charging/(crediting):

Depreciation - owned assets 2022
2021
£
£
79,837
79,153

10 TRUSTEES' REMUNERATION AND BENEFITS

Trustee s’ Remuneration

Payments were made to the directors (or persons connected to them) only by way of reimbursement of expenses incurred on behalf of the company, other than a payment (agreed by the Board) to one director, Nicholas Insley, who received remuneration of £757.50in the year for administrative services pending appointment of a new administrator and payment of £330 to the son of a director for bar maintenance and other services.

The company provides trustee indemnity insurance for the trustees.

No trustees received any other benefits for the year ended 31[st] July 2022.

There were no trustees’ remuneration or other benefits , apart from trustee indemnity insurance, for the year ended 31[st] July 2021 other than to Nicholas Insley who received remuneration of £401.25 in the year for administrative services pending appointment of a new administrator and payment of £580 to Isaac Insley, the son of a director, for bar maintenance and other services.

Trustees Expenses

There were no trustees' expenses paid for the year ended 31st July 2022, nor for the year ended 31st July 2021.

11 STAFF COSTS

The average monthly number of employees during the year was as follows:

2022 2021
Administrative staff 1 1

No employee received emoluments in excess of £60,000.

Wages and salaries
Social security costs / (income)
Employer contribution to defined contribution
pension schemes
Total staff costs		 2022
2021
27,753
19,473
(130)
130
483
196
28,106
19,799

14

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

12 INDEPENDENT EXAMINER ’ S REMUNERATION

Independent Examination Fee
Tax Advisory Services
Total
13
FIXED ASSET INVESTMENTS
MARKET VALUE
As at 1st August 2021
Additions
Disposals
Revaluations
Cash movement
As at 31st July 2022
NET BOOK VALUE
At 31st July 2022
At 31st July 2021		 2022
£
850
300		 2021
£
1,300
0
£1,300
Investments
£
171,411
50,000
0
-3,129
-53
1,150
218,229
218,229
171,411

15

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

14 TANGIBLE FIXED ASSETS

14 TANGIBLE FIXED ASSETS
Machinery
Computer Land and Fixtures and
Equipment Buildings and Fittings Equipment Total
£ £ £ £ £
OPENING BOOK VALUE
At 31stJuly 2021 7,043 2,491,410
69,493
65,734		 2,633,680
ADDITIONS
Additions in year 98 0
4,636
1,008		 5,742
DEPRECIATION
Charge for year -3,298 -37,104 -10,019 -29,416 -79,837
NET BOOK VALUE
At 31stJuly 2022 3,843 2,454,306
64,110
37,326		 2,559,585
DEBTORS (AMOUNTS FALLING DUE WITHIN ONE YEAR) AND
15 PREPAYMENTS
2022 2021
£ £
Gift Aid repayment from HMRC 761 594
Pre-paid royalties 4,244 9,745
Bar Stock 1,500 1,500
VAT 0 0
Other prepayment 7,227 2,569
13,732 14,408
16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Accruals and deferred income 8,318 1,561
VAT 1,582 1,360
Payroll liabilities 109 129
Youth theatre grant 9,800 0
19,809 3,050

16

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

17 MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 Balance at 1
August 2021
Net
movement in
funds
Balance at 1
August 2022
£
£
£
2,891,969
-50,834
2,841,985
2,891,969-50,834
2,841,985

Net movement in funds, included in the above, are as follows :

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
£
£
£
£
178,310
-225,139
-4,005
-50,834
178,310
-225,139
-4,005
-50,834

No funds held are subject to any restrictions regarding their use and are available for application on the general purposes of the company.

18 RELATED PARTY DISCLOSURES

The Isaac Insley, the son of Nicholas Insley, a director, provided bar maintenance and other services to the company during the year. Otherwise no director or other person related to the charity has any personal interest in any contract or transaction entered into by the charity during the year.

19 POST BALANCE SHEET EVENTS

There have been no events since the balance sheet which materially affect the assets of the company.

20 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. There are 397 members of the Company, each of whom has undertaken to contribute up to £1 in the event of the liquidation of the Company.

17

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2022

21 PRODUCTION DETAIL

18